Global Warming Deniers Hurting Investment In U.S. Economy

A Deutsch Bank official says that since the U.S. Senate can’t come to terms on global warming, it will invest in other countries that recognize the issue. (h/t Laurence Lewis)

Alternative energy investment prospects have shriveled in the United States after the U.S. Senate was unable to break a deadlock over tackling global warming, a Deutsche Bank official said.

“You just throw your hands up and say … we’re going to take our money elsewhere,” said Kevin Parker in an interview with Reuters.

Parker, who is global head of the Frankfurt-based bank’s Deutsche Asset Management Division, oversees nearly $700 billion in funds that devote $6 billion to $7 billion to climate change products.

Amid so much political uncertainty in the United States, Parker said Deutsche Bank will focus its “green” investment dollars more and more on opportunities in China and Western Europe, where it sees governments providing a more positive environment.

“They’re asleep at the wheel on climate change, asleep at the wheel on job growth, asleep at the wheel on this industrial revolution taking place in the energy industry,” Parker said of Washington’s inability to seal a climate-change program and other alternative energy incentives into place.